Operating Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Operating Segments

Operating Segments

We are managed under a matrix organizational structure whereby our two primary operating segments, Banking and Frost Wealth Advisors, overlap a regional reporting structure. See our 2023 Form 10-K for additional information about our operating segments and related accounting policies. Summarized operating results by operating segment were as follows:

	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
Three months ended:
September 30, 2024
Net interest income (expense)	$	405,605	$	2,086	$	(3,360)	$	404,331
Credit loss expense	19,386		—		—		19,386
Non-interest income	66,048		48,144		(485)		113,707
Non-interest expense	281,631		40,584		1,195		323,410
Income (loss) before income taxes	170,636		9,646		(5,040)		175,242
Income tax expense (benefit)	28,363		2,026		(1,648)		28,741
Net income (loss)	142,273		7,620		(3,392)		146,501
Preferred stock dividends	—		—		1,668		1,668
Net income (loss) available to common shareholders	$	142,273	$	7,620	$	(5,060)	$	144,833
Revenues from (expenses to) external customers	$	471,653	$	50,230	$	(3,845)	$	518,038
September 30, 2023
Net interest income (expense)	$	386,832	$	2,018	$	(3,424)	$	385,426
Credit loss expense (benefit)	11,185		—		—		11,185
Non-interest income	62,518		43,903		(423)		105,998
Non-interest expense	254,747		37,304		1,205		293,256
Income (loss) before income taxes	183,418		8,617		(5,052)		186,983
Income tax expense (benefit)	31,021		1,809		(1,498)		31,332
Net income (loss)	152,397		6,808		(3,554)		155,651
Preferred stock dividends	—		—		1,668		1,668
Net income (loss) available to common shareholders	$	152,397	$	6,808	$	(5,222)	$	153,983
Revenues from (expenses to) external customers	$	449,350	$	45,921	$	(3,847)	$	491,424

	Banking		Frost Wealth Advisors		Non-Banks		Consolidated
Nine months ended:
September 30, 2024
Net interest income (expense)	$	1,195,680	$	5,662	$	(10,248)	$	1,191,094
Credit loss expense (benefit)	48,823		—		—		48,823
Non-interest income	194,606		143,059		(1,391)		336,274
Non-interest expense	844,657		116,432		5,502		966,591
Income (loss) before income taxes	496,806		32,289		(17,141)		511,954
Income tax expense (benefit)	82,817		6,781		(5,334)		84,264
Net income (loss)	413,989		25,508		(11,807)		427,690
Preferred stock dividends	—		—		5,006		5,006
Net income (loss) available to common shareholders	$	413,989	$	25,508	$	(16,813)	$	422,684
Revenues from (expenses to) external customers	$	1,390,286	$	148,721	$	(11,639)	$	1,527,368
September 30, 2023
Net interest income (expense)	$	1,172,689	$	5,762	$	(7,939)	$	1,170,512
Credit loss expense	30,190		—		—		30,190
Non-interest income	183,969		132,088		(1,266)		314,791
Non-interest expense	751,539		106,811		5,090		863,440
Income (loss) before income taxes	574,929		31,039		(14,295)		591,673
Income tax expense (benefit)	93,775		6,518		(4,042)		96,251
Net income (loss)	481,154		24,521		(10,253)		495,422
Preferred stock dividends	—		—		5,006		5,006
Net income (loss) available to common shareholders	$	481,154	$	24,521	$	(15,259)	$	490,416
Revenues from (expenses to) external customers	$	1,356,658	$	137,850	$	(9,205)	$	1,485,303